Suppose that a competitive firm has a total cost function $TC=25+q+q^2.$ Also suppose that market demand is given by $Q=1,100-10P.$

a$.$ What is the firm's FC $(1$ percent$)?$

b$.$ What is the firm's VC $(1$ percent$)?$

c$.$ What is the firm's MC $(1$ percent$)?$

d$.$ What is the firm's ATC $(1$ percent$)?$

e$.$ If the market price is $P=$$$11$ per unit, what is the firm's TR $(1$ percent$)?$

f$.$ How do we know this is a firm in a competitive market $($other than being told so in the question$)(2\mathrm{.}5$ percent$)?$

g$.$ Find the level of output produced by the firm associated with this price $(5$ percent$).$

h$.$ Specifically, for a competitive firm, what is the condition under which the firm maximizes profit $($reminder$,$ all firms maximize profit where MR$=$MC$,$ so that is not unique to a competitive firm$)(2\mathrm{.}5$ percent$)?$

i$.$ Find the level of profit associated with this price $(5$ percent$).$

j$.$ Is the market currently in long run competitive equilibrium $(2\mathrm{.}5$ percent$)?$ Please justify. Unsupported answers will not receive any credit.

k$.$ If the market is not in long run competitive equilibrium, would we expect entry or exit into this market $(2\mathrm{.}5$ percent$)?$ Please justify. Again, unsupported answers will not receive any credit.

How much output does each firm produce in the long run $(5$ percent$)?$

m $.$ In the long run, what price will each individual firm charge $(5$ percent$)?$

n$.$ How many units of output will consumers buy in the long run $(2\mathrm{.}5$ percent$)?$

o$.$ How many total firms will service the market in the long run $(2\mathrm{.}5$ percent$)?$